For all the data and technology out there, financial marketers are still struggling to get the right analytics. The scary truth is that most marketers still don't have a clear picture of ROI or the customer journey. For example, 73% of companies admit that they are unaware of the reasons that customers leave their site without converting. Without a solid foundation of marketing analytics, financial marketers won’t be able to create meaningful customer experiences, and they won’t have the data-backed insights to improve their performance.
What other information are financial marketers missing out on? You may be surprised. Here are nine facts that demonstrate the scary reality of financial services and marketing analytics:
1. Less than 1 in 10 companies feel they have an excellent understanding of the overall customer experience.
Source: IBM, Addressing Changing Customer Behavior
The customer experience is about much more than the number of sales, website clicks, or social media mentions. Businesses need to understand what makes customers behave the way they do. Financial marketers need to know how customers like to interact with their business and how and why they jump between different channels -- online and offline. Without this type of information, marketers can never truly understand their customers or their paths to purchase.
2. 71% of marketers say they are unprepared for data explosion.
Source: IBM via The Financial Brand
Marketers are anxious to take advantage of all the data at their fingertips, but they're not totally sure how to do it. Internal silos and lack of technology are a couple of the challenges. But marketers that make it a priority to put data into action will be able to use the insights to drive everything they do: keyword research, personalization, budget allocation, landing page and website optimization, audience segmentation, and the list goes on.
3. Only 24% of US enterprise organizations are using data profitably.
What’s worse is that only 33% of companies plan to modify or expand their big data strategies. Data is currently being underused in the financial industry. But once you figure out how to harness data, you can turn data into cost savings, new business, and increased revenue.
4. Only 37% of consumers feel their banks understand their specific needs.
Financial marketers have access to so much customer and transactional data that they should be more in tune with their customers’ needs and wants. Financial marketers should be listening to their customers through web analytics, in-person interactions, and over the phone.
5. More than 50% of banks do not measure ROI at all.
Source: Blue Fountain Media
This number is crazy. That means that half of all banks are spending marketing dollars with no idea of what is making them money and what is wasting their money. The first step to remedy this problem is to track all online and offline conversions back to the first touchpoint.
6. Only 18% of financial marketers say that can measure ROI extremely well.
Source: Incite Group via The Financial Brand
Measuring ROI is a tricky business, but it’s a lot simpler to calculate when you have the right tools. One of the ways marketers are bridging the online-offline gap is with call intelligence. By combining online marketing analytics with call intelligence, marketers have a complete view of both online and offline conversions and can easily see what marketing efforts result in conversions. See how SunTrust Bank uses call intelligence to measure and improve ROI.
7. 90% of financial services companies don’t have voice analytics.
Source: IBM Global Business Services
At first glance, this stat may not be all that shocking. But when you think about how often consumers move from online to voice interactions, you realize just how much critical information is being ignored.
In fact, with the explosion of voice technology, consumers are using their voice to connect with banks more than ever. Brian Roemmele, Founder of PayFinders, predicts, “In the next 10 years, 50% of all banking interactions will be via Voice First devices.”
Not only is voice technology changing the paradigm, but currently, digital marketing is driving 74% of all consumer phone calls to financial services companies, according to Invoca's Call Intelligence Benchmark Report . Without any type of call tracking or voice analytics, marketers are totally in the dark whenever a consumer decides to pick up the phone. They can’t attribute those conversions to their source, they can’t measure the quality of those leads, and ultimately they can’t measure ROI.
8. Only 8% of community banks and credit unions place data and analytics in their top three priorities.
Not only are smaller, regional banks lagging behind when it comes to marketing data, but less than half (47%) of the largest regional and national banks put data analytics in their top three priorities. This stat is pretty staggering. We've established marketers are behind when it comes to implementing data strategy so why isn't it a priority to catch up? The business value of analytics is undeniable. It's time to get on board.
9. 57% of banks say internal silos are their biggest obstacle to big data success.
Sharing data across departments and even across marketing channels is difficult but the benefits are worth it. In today's omnichannel landscape, marketers must have a single view of their customer in order to create a cohesive experience across channels and devices. The way a customer interacts over email should inform your phone conversation, just like their interactions on your website should inform the retargeting ads you serve them.
Marketers may not be using data to its full potential, but the good news is that it is a big opportunity. Data has the power to drive customer acquisition, improve customer relationships, unlock new opportunities, and increase profitable. What are you waiting for?